- Citadel founder Griffin said that Miami ‘represents the future of America’
- Touted local leaders for their focus on good schools and safe streets
After moving his Citadel hedge fund to Miami from Chicago, billionaire Ken Griffin believes The Magic City could someday surpass New York as the financial capital of the world.
‘We’ll see how big Wall Street South becomes,’ Griffin told Bloomberg News at a conference in Miami on Tuesday. ‘We’re on Brickell Bay, and maybe in 50 years it will be Brickell Bay North how we refer to New York in finance.’
However, he acknowledged: ‘New York is the financial capital of America today. And it’s New York’s to lose.
‘The density of talent, both in financial services and just writ large in New York City is among the top in the world,’ he added. ‘It’s a very unique and powerful city…New York just has so much to offer.
‘Having said that, Miami I think represents the future of America — incredibly vibrant economy,’ Griffin continued.
After moving his Citadel hedge fund to Miami from Chicago, billionaire Ken Griffin believes The Magic City could someday surpass New York as the financial capital of the world
Griffin moved his operation to Miami last year, and plans to build a $1 billion waterfront tower that will serve as Citadel’s headquarters
‘This is a state that has done an incredible job of electing people into office who care about safe streets, good schools and good jobs. And it’s really great to be in a state where those are the focuses of your leaders,’ he said.
‘I say that as somebody that was committed Chicago for 30 years, who saw my city devolve into anarchy under poor governance,’ said Griffin.
Griffin moved his operation to Miami last year, and plans to build a $1 billion waterfront tower that will serve as Citadel’s headquarters.
He’s also splashed out political donations and philanthropic investments in the city, funding projects including a children’s hospital and soccer facility.
Griffin is among the many billionaires who have flocked to Miami in recent years, drawn by Florida’s weather and tax advantages.
Earlier this month, Amazon founder Jeff Bezos became the latest billionaire to announce plans to relocate to Miami.
In his statement, Bezos cited the growth of his space exploration business Blue Origin, which is based in Florida, as well as wanting to be closer to his parents, who live in Miami.
Florida is among nine states in the country that does not have capital gains or state income tax.
Earlier this month, Amazon founder Jeff Bezos became the latest billionaire to announce plans to relocate to Miami
New York-born billionaire activist Carl Icahn left his hometown in 2020 due to tax reasons
Indian Creek Island near Miami is known as the ‘Billionaire bunker’ due to its affluent residents
In late 2020, Goldman Sachs moved its asset management operation to Florida as did hedge fund Elliott Management. Just a few months later, the largest private equity firm, Blackstone, spent $230 million opening a new office in Miami.
New York-born billionaire activist investor Carl Icahn also left his hometown for Florida in 2020 due to tax reasons.
It was reported in October that the migration of the mega-wealthy to Florida were driving up the prices of real estate.
The median sale price for single-family homes in Palm Beach hit $14 million in September 2023 – a 117 percent year-on-year increase, according to national real estate brokerage Redfin.
Palm Beach sits just north of Miami, where prices have risen by 7.7 percent over the past year to reach a median sale price of $599,000 for a family home.
This is markedly more than other more northerly Florida hotspots like Orlando, where the median price is $425,000 – a more modest increase of 1.9 percent over the past year, which is less than the 3.7 percent inflation rate in the 12 months to September.